DSOA and DED want to improve the ease of business via new blockchain project
A new initiative by various Dubai-based entities is working hard on making it the first city to have its businesses run entirely on the blockchain. Additionally, Dubai's DSOA will become the first free zone that will test the project.
Dubai's plan for the future of business
With a new goal of easing the business processes in Dubai, as well as to facilitate direct investments from foreigners, Dubai's DED (Department of Economic Development) and DSOA (Dubai Silicon Oasis Authority) have decided to collaborate on a new blockchain-related project. Other collaborators on this project also include IBM and Smart Dubai, and the initiative's new name is Dubai Blockchain Business Registry Project. You can check out the official release statements here.
Another important thing to note is that the project is actually aligned with Dubai Blockchain Strategy. The Strategy first appeared back in 2016, when it was launched by the Dubai's Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. The goal of this was to try and make Dubai the first city in the world that will be completely powered by blockchain technology.
One of DED's previously launched projects includes the UCR (Unified Commercial Registry). This is a trade license repository that is the first of its kind since it is entirely blockchain-enabled. One of the biggest goals of the new initiative is actually to empower this project and to allow the storage and regular updates of the company's registration info.
Dubai Silicon Oasis' regulatory body, DSOA, has offered to become the free zone which will implement this project and test its function.
The collaboration's first effort will be to try and set up and operate a business which will be independent of trade licenses and exchanges, as well as any documentation that is needed for regular activities of a business. With that out of the way, it will be interesting to see whether the regulatory compliance in the ecosystem of Dubai's business can be ensured or not. If it can, then the entire business of this pilot project will be completely tied to the blockchain.
Participant's opinions on the initiative
Ded's Director General, Sami Al Qamzi, has stated that the UCR wants to influence and change Dubai's businesses future. If that is possible at this point, doing business will become a completely new and different smart experience. He added that the project would provide a template which will be used for future collaborations between the departments of the government, as well as any related entities.
Finally, Al Qamzi welcomed DSOA and stated that DED is always on the lookout for new and improved technologies that would make lives easier and happier.
DSOA's Vice Chairman and acting CEO, Dr. Mohammed Al Zarooni, has also commented on the initiative. He stated that DSOA is proud to be the first ree zone that will give a chance to the new project. Additionally, he praised the project, as well as the effort that went into its development.
Smart Dubai's Director General, Dr. Aisha Bin Blshr, has also commented and stated that implementing blockchain into the work of the government will be the first and most important pillar of creating a truly smart Dubai. For this to work, the collaboration with private sector, as well as the one with the government, is nothing less than crucial. If all works out, Dubai could run on blockchain completely as soon as 2020.
IBM Middle East's General Manager, Amr Refaat, has also expressed pride for having IBM work alongside DED and other entities on this project. He also stated that Dubai has always been a leader when it comes to innovation, and this new development has already peaked interest from both the public, as well as various private entities.
Blockchain's potential when it comes to providing business-related digital experiences is nearly infinite; With many different entities recognizing this, the project will open a lot of new doors. DED's IT Department has already done extensive research with various vendors in order to explore all of the potential options and alternatives.
DED's IT Director, Mohamed Alqaizi, has stated that the initiative itself is a result of a lot of research done by all participants. Various case studies and options were included, all with the goal of getting the best possible results, and achieve the final vision of making Dubai the world's blockchain capital.